Acquisitions

9 Months Ended

Jan. 31, 2015

Business Combinations [Abstract]

Acquisitions

Acquisitions

During the first nine months of fiscal 2015, the Company acquired 32 stores through a variety of single store and multi-store transactions with several unrelated third parties. The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.

Allocation of the purchase price for the transactions in aggregate is as follows:

Assets acquired:
Inventories	$	2,675
Property and equipment	27,815
Total assets	30,490
Liabilities assumed:
Accrued expenses	57
Net tangible assets acquired, net of cash	30,433
Goodwill and other intangible assets	6,640
Total consideration paid, net of cash acquired	$	37,073

The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management’s analysis.

The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transactions referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data):

	Nine months ended January 31,
	2015		2014
Total revenues	$	6,128,936	6,016,403
Net earnings (1)	139,471		107,118
Earnings per common share: (1)
Basic	$	3.60	2.79
Diluted	$	3.58	2.76

(1) Due to the revision of the financial statements described in the Form 10-K/A (Amendment No. 1) filed on December 10, 2014, net earnings and earnings per common share for the nine months ended January 31, 2014 have been revised.